Germany Follows Russia: Government To Outline Crypto Strategy by Mid-2019

03-03-2019

The Cabinet of Germany has revealed that it will introduce a blockchain strategy for the country by mid-2019, which follows decisions by other countries, such as Russia, to introduce clear regulations on the validity and status of cryptocurrency in their respective countries.

A document was released which outlined their intentions for the emerging digital asset class. The German Ministry of Finance and the Ministry of Economic Affairs and Energy will be designing the strategy, but other departments will also contribute to the regulatory framework.

Reuters has reported that the German government has been in touch with companies and industry groups that could become stakeholders in what is a burgeoning industry.

The report reads:

According to the sources, companies and industry groups that could become stakeholders in a blockchain deployment process in Europe's biggest economy were invited to supply recommendations from this week onwards. While concrete results were being sought, it was as yet unclear whether those would immediately materialize in any legislative moves, they said. Blockchain startups have said that without a legal framework, there are high entrance hurdles. Governments urge caution toward cryptocurrencies that run on the technology.

In late January 2019, Germany's second largest stock exchange, the Boerse Stuttgart Group, announced that they would launch a crypto exchange, which will be facilitated with the help of an app called Bison. German derivatives exchange Eurex is also gearing up to launch futures tied to crypto assets.

Countries across the world are preparing regulation for the crypto space, including India and Russia.

The Indian Supreme Court has ordered its lawmakers to come up with a decision on its stance on cryptocurrencies by the end of March, after months of uncertainty and varying opinions on the space. Russian, meanwhile, has seen president Vladimir Putin order his government to come up with a regulatory framework, setting adeadline of July 1.